New World Ventures, a tech-focused venture capital firm run by members of Chicago’s Pritzker family, is changing its name to Pritzker Group Venture Capital, a branding exercise that better reflects the source of the firm’s capital.

New World was started 18 years ago by brothers Jay Robert (known as J.B.) Pritzker and Tony Pritzker, two of the 11 heirs to the family’s multibillion-dollar fortune. Wealth-X estimates each brother’s wealth at $2.9 billion, so that’s nearly $6 billion of capital at the disposal of the two investors.

Last year, IO raised $90 million in private capital, including $50 million from Pritzker Group Venture Capital.

The name change comes with an expanded investing strategy for the VC firm, J.B. Pritzker said in an interview last week. The firm started by writing checks of $750,000 on average, but more recently has put up around $8 million on average into deals. It will now also focus on later-stage deals, including investments of between $15 million and $50 million, such as the IO deal, he said.

Pritzker Group Venture Capital is part of the Pritzker brothers’ bigger investment firm, Pritzker Group, which also does middle-market deals and has an asset management unit. The group distinguishes itself from other private investors because it invests its own money. Typically, private equity and venture capital firms invest the money of other institutions, such as pension funds and mutual funds.

J.B. says he and his brother look for “less faddish” tech companies, focusing on software-as-a-service businesses, tech-enabled services, video and others. One of their early investments, the online learning platform eCollege, was sold to Pearson Education.

The Pritzkers’ wealth comes largely from the dissolution of a family-run empire. Between 2001 and 2011, the heirs to the century-old Pritzker fortune sold off the family crown jewels after well-publicized squabbles and distributed the proceeds among themselves.